diff --git a/xen/arch/arm/domain_build.c b/xen/arch/arm/domain_build.c
index c6c6c942d8..417a0e82ba 100644
--- a/xen/arch/arm/domain_build.c
+++ b/xen/arch/arm/domain_build.c
@@ -763,6 +763,30 @@ static void __init assign_static_memory_11(struct domain *d,
 }
 
 #ifdef CONFIG_STATIC_SHM
+static int __init acquire_nr_borrower_domain(struct domain *d,
+                                             paddr_t pbase, paddr_t psize,
+                                             unsigned long *nr_borrowers)
+{
+    unsigned int bank;
+
+    /* Iterate reserved memory to find requested shm bank. */
+    for ( bank = 0 ; bank < bootinfo.reserved_mem.nr_banks; bank++ )
+    {
+        paddr_t bank_start = bootinfo.reserved_mem.bank[bank].start;
+        paddr_t bank_size = bootinfo.reserved_mem.bank[bank].size;
+
+        if ( (pbase == bank_start) && (psize == bank_size) )
+            break;
+    }
+
+    if ( bank == bootinfo.reserved_mem.nr_banks )
+        return -ENOENT;
+
+    *nr_borrowers = bootinfo.reserved_mem.bank[bank].nr_shm_borrowers;
+
+    return 0;
+}
+
 /*
  * This function checks whether the static shared memory region is
  * already allocated to dom_io.
@@ -829,6 +853,8 @@ static int __init assign_shared_memory(struct domain *d,
 {
     mfn_t smfn;
     int ret = 0;
+    unsigned long nr_pages, nr_borrowers, i;
+    struct page_info *page;
 
     dprintk(XENLOG_INFO,
             "%pd: allocate static shared memory BANK %#"PRIpaddr"-%#"PRIpaddr".\n",
@@ -842,6 +868,7 @@ static int __init assign_shared_memory(struct domain *d,
      * DOMID_IO is not auto-translated (i.e. it sees RAM 1:1). So we do not need
      * to create mapping in the P2M.
      */
+    nr_pages = PFN_DOWN(psize);
     if ( d != dom_io )
     {
         ret = guest_physmap_add_pages(d, gaddr_to_gfn(gbase), smfn,
@@ -853,6 +880,39 @@ static int __init assign_shared_memory(struct domain *d,
         }
     }
 
+    /*
+     * Get the right amount of references per page, which is the number of
+     * borrower domains.
+     */
+    ret = acquire_nr_borrower_domain(d, pbase, psize, &nr_borrowers);
+    if ( ret )
+        return ret;
+
+    /*
+     * Instead of letting borrower domain get a page ref, we add as many
+     * additional reference as the number of borrowers when the owner
+     * is allocated, since there is a chance that owner is created
+     * after borrower.
+     * So if the borrower is created first, it will cause adding pages
+     * in the P2M without reference.
+     */
+    page = mfn_to_page(smfn);
+    for ( i = 0; i < nr_pages; i++ )
+    {
+        if ( !get_page_nr(page + i, d, nr_borrowers) )
+        {
+            printk(XENLOG_ERR
+                   "Failed to add %lu references to page %"PRI_mfn".\n",
+                   nr_borrowers, mfn_x(smfn) + i);
+            goto fail;
+        }
+    }
+
+    return 0;
+
+ fail:
+    while ( --i >= 0 )
+        put_page_nr(page + i, nr_borrowers);
     return ret;
 }